Yalian Steel Clarifies the Interest Rate on the New RMB 25 Million Line of Credit from China Merchants Bank
04 July 2011 - 11:00PM
Marketwired
Yalian Steel Corporation (TSX VENTURE: YL) ("Yalian" or the
"Company") wishes to clarify the interest rate on the new RMB 25
million (CAD $3.8 million) line of credit from China Merchants
Bank.
Further to the news release on June 28, 2011, the Company
clarifies that the interest rate will be fixed at 120% of the
prevailing benchmark rate at the time of drawdowns. Based on 6.31%,
the last reported benchmark interest rate in China, this means that
the interest rate on a current drawdown would be 7.57%.
About Yalian Steel Corporation
Yalian Steel Corporation is a British Columbia corporation
focused on the production of high quality Longitudinally Submerged
Arc Welded (LSAW) steel pipe to service Asia's rapidly growing
energy transportation infrastructure market. The Company has
recently completed construction of its initial manufacturing
facility in city of Yangzhou, in the Jiangsu province of China. The
first production line has a capacity of up to 200,000 metric tons
per year. The Yangzhou Yalian plant utilizes the JCOE (J-ing,
C-ing, O-ing, Expanding) process, an advanced method of LSAW pipe
production that involves the bending and shaping of X-70 and higher
grade steel.
For further company information please access our website:
www.yaliansteel.com.
This press release contains forward-looking statements based on
current expectations. These forward-looking statements entail
various risks and uncertainties that could cause actual results to
differ materially from those reflected in these forward-looking
statements. Risks and uncertainties about Yalian's business are
more fully discussed in the Company's disclosure materials filed
with the securities regulatory authorities in Canada. All amounts
are stated in Canadian dollars unless noted otherwise.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this press release.
Contacts: Yalian Steel Corporation Lan Shangguan Chief Financial
Officer (604) 696-6388 www.yaliansteel.com
Yalian Steel Corporation (TSXV:YL)
Historical Stock Chart
From Apr 2024 to May 2024
Yalian Steel Corporation (TSXV:YL)
Historical Stock Chart
From May 2023 to May 2024
Real-Time news about Yalian Steel Corporation (TSX Venture Exchange): 0 recent articles
More Yalian Steel Corporation News Articles